I don't think there are any real pros and cons across the board.
I can do everything with the ball swinging that I can do with hitting and vice versa.
I choose hitting because it's something I can do the most consistently and I control the clubface the best using a hitting procedure.
However, for others it's quite the opposite.
Some will say that swinging can hit the ball further, I completely disagree with that. Kenny Perry is a hitter. And from looking at Alvaro Quiros' swing sequence, I think he's a hitter as well.
Some say hitting is more accurate. Moe Norman was the most accurate golfer of all time and was clearly a swinger in my book.
I think whether you hit or swing the best is just something that probably has to do with your brain and how you were brought into learning the game.
In other words, just focus on what works best for you instead of compiling a list of perceived pros and cons and choosing what procedure to use from that. I think Homer would've wanted it that way.